Sec. 912.054.  AUTHORITY TO BORROW MONEY.  (a)  The board of directors of a county mutual insurance company may borrow money in an amount determined to be necessary to pay the company's accrued or unaccrued losses.
(b)  The board may pledge as security for a loan the assets of the company, including the contingent liability of its policyholders.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.